ATM mortgage advice could be available within five years

January 10, 2020 by Brendan O'Neill

Mortgage Advisors

One of the world’s leading providers of automated teller machines (ATMs) has suggested that these could be used for providing mortgage advice within just five years.

Diebold Nixdorf is making this claim, but it is not suggesting that these machines will take the place of the human mortgage advisor. What it is arguing is that more sophisticated versions of the current ATMs could be developed that will enable people who are looking for a mortgage to speak to an advisor via video chat.

It was the head of Diebold Nixdorf’s operations in the UK, Matt Phillips, who made this point during an interview with the news agency PA Media. Phillips stated that the company was already well into the process of developing self-serving ATMs that would have the capability to deal with banking services such as mortgage applications and was talking to banks about this.

He went on to say that five years was the likely timescale for them to become widely available and that they would free up the banks to deal with sizeable financial decisions and transactions, but that they would work alongside existing banking services not hasten the disappearance of them.

Phillips concluded by arguing that once it launches these new machines, they would have to be within smaller branches of the various banks, rather than where cash machines currently are, for security reasons.

This is something that could become a big part of the future for the next generation of mortgage advisors who are currently gaining their CeMAP qualification.